Top 10 Benefits Of The New Digital Payment Platform e-Rupi That PM Modi Launches On 2nd August
Prime Minister Narendra Modi today announced the establishment of e-RUPI, a digital payment platform. The platform promises to be a person and purpose-specific digital payment system created by the National Payments Corporation of India in partnership with the Department of Financial Services, Ministry of Health & Family Welfare, and National Health Authority.
According to the PMO, it is projected to be a game-changing effort to ensure the delivery of leak-proof social services.
Top 10 Benefits of e-RUPI
1) e-RUPI is a contactless and cashless electronic payment system.
2) Establishes a digital link between service providers and recipients.
3) Assures that various social services are delivered in a leak-proof manner.
4) It is a QR code or SMS string-based e-voucher sent to the beneficiaries' mobile phones.
5) Users of this seamless one-time payment mechanism will redeem the voucher at the service provider without using a card, digital payments app, or internet banking access.
6) e-RUPI establishes a digital link between service sponsors and beneficiaries, and service providers, eliminating the need for a physical interface.
7) It also ensures that the service provider is only paid after the transaction has been completed.
8) Because it is pre-paid, it ensures prompt payment to the service provider without an intermediary.
9) It can be used for providing medicines and nutritional assistance under maternal and child welfare schemes, TB eradication programs, medicines and diagnostics under schemes such as Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidy, and so on, in addition to regular payments.
10) The private sector can also use these digital vouchers for employee welfare and corporate social responsibility programs.
How it works
The Thee-RUPI voucher will help the country's digital transactions and Direct Benefit Transfer (DBT) grow. PM Modi stated that this would assist everyone in achieving targeted, transparent, and leakage-free distribution at the launch event.
e-RUPI is an example of how India uses innovative technology to connect people in the twenty-first century. The prime minister went on to say that he is pleased that it has begun in the year when India celebrates its 75th anniversary of independence.
He also stated that non-government organizations and the government could use e-RUPI instead of sending cash to help someone with their education or medical treatment. This will ensure that the supplied money is only used for the indicated purpose.
In July, more than 300 crore transactions were made through UPI, totaling over Rs. 6 lakh crore, according to PM Modi, who also stated that the government is employing direct-benefit transfer to offer benefits to beneficiaries of 300 schemes ranging from LPG to rations to pensions.
In essence, e-RUPI is a prepaid voucher that may be given directly to citizens after their cellphone number and identification have been verified. "Thee-RUPI coupon will be provided to the beneficiary's mobile phone in the form of a QR code or an SMS string-based e-voucher," said Bharat Panchal, FIS's CRO for APAC, the Middle East, and Africa.
The voucher can be redeemed at the service provider without using a card, a digital payment app, or online banking. "While the government can offer monetary support in digital form directly to individuals in a "leak-proof manner" in the form of prepaid e-voucher powered by UPI," continued Panchal, "this would be a precious instrument for those who are not privy to use the digital platform."
A cashless and contactless digital payment method, e-RUPI eliminates the need to carry cash. According to a previous statement, a QR code or SMS string-based e-voucher is given to the beneficiaries' mobile phones.
According to the company, users of this smooth one-time payment mechanism will be able to redeem the voucher at the service provider without the usage of a card, digital payments app, or internet banking access. e-RUPI establishes a digital link between service sponsors and beneficiaries, and service providers, eliminating a physical interface.
It also ensures that the service provider is paid only after the transaction has been completed. Because it is pre-paid, it ensures prompt payment to the service provider without the need for an intermediary, according to the statement.
A game-changing effort targeted at assuring leak-proof social services, according to the PMO, is expected to result. It can also deliver services under schemes such as Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, which provides mothers and children with medications and nutritional support.
According to the statement, the private sector can use these digital coupons as part of their employee welfare and corporate social responsibility programs.
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